Page 3 - Gst Council

GST Council likely to meet early Jan, may discuss rate rationalisation

At the 45th GST Council Meeting in Lucknow on September 17, the Council had decided to rectify the inverted duty structure for footwear and textiles

Fitment panel's GST recommendations may cause immediate spike in inflation

The 5% tax rate broadly covers most food items, so an increase here would directly impact the monthly grocery budget of households

PHD chamber urges GST Council to rationalise rates in next meeting

Industry body PHDCCI on Saturday urged the GST Council to rationalise rates, stating that the current rates are not in sync with the demand creation and employment generation in the country

Kerala FM fires salvo at Centre over fuel surcharge, says GoM meet Nov 27

Will raise state woes on 15th finance commission at GST Council

More room likely for states to borrow as FM presents budget next Feb

The Centre has already begun to rejig govt savings market, reviving RBI window for retail investors, the Retail Direct Scheme this month

HC issues notice to GST council over non-inclusion of petrol, diesel prices

The court issued the notice to the Goods and Services Tax Council on Monday

GST rationalisation: Challenge and response

A revision of slab rates may create some disquiet, but, if cleverly crafted, it could be a game-changer for manufacturing

Refund interest paid on ineligible input tax credit, says industry

The levy of interest on availed but unutilised input tax credit is a subject of significant disputes in GST since its implementation

Think tank seeks higher 18% GST on tetra pack from current 12% slab

A think tank has requested GST Council to levy a higher tax of 18 per cent on tetra pack, arguing that the product is incorrectly categorised in the 12 per cent slab as a paper-based aseptic packaging

IT-BPM industry welcomes GST clarification on intermediaries

This is a long-standing issue between the IT-BPM industry and the government

GST Council extends concessions on certain Covid drugs till Dec 31: FM

The all-powerful GST Council on Friday extended concessional tax rates on certain Covid-19 drugs by three months till December 31

GST Council meet on Friday: Profiteering cases likely to go to CCI

The Council will also discuss bringing petroleum products within the GST ambit

GST Council meet on Friday; rate review, concession to Covid drugs on cards

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on Friday, which among other things may review tax rate of over four-dozen items and extend till December 31, tax concessions on 11 COVID drugs. Also, taxing petrol and diesel under the single national GST tax and a proposal to treat food delivery apps such as Zomato and Swiggy as restaurants and levy a 5 per cent GST tax on supplies made by them would be taken up by the Council at its meeting in Lucknow on September 17. "Finance Minister Smt @nsitharaman will chair the 45th GST Council meeting at 11 AM in Lucknow tomorrow. The meeting will be attended by MOS Shri @mppchaudhary besides Finance Ministers of States & UTs and Senior officers from Union Government & States," the Finance Ministry tweeted. The Council, comprising central and state finance ministers, will deliberate on the proposal of extending the existing concessional tax rate structure on Amphotericin B, Tocilizumab, Remdesivir and ...

GST on ice cream parlours may lead to litigation, say experts

The Council said ice cream parlours would draw 18% GST

Quick analysis of petroleum's contribution to Centre and states' exchequer

Petroleum's share of taxes not included in GST rose to 20% in FY20. While 40% of this should go to the states, the Centre has been raising cess on petroleum, which isn't shared with states

States slam FM plan to not extend GST compensation after June 2022

Opposition-ruled states saymatter was deferred for further discussions during Friday's meeting

Oppn-ruled states demand extension of GST compensation beyond June 2022

Finance ministers of Opposition-ruled states have demanded that the GST compensation cess regime be extended beyond June 2022.

Nasscom hails GST Council's clarification on 'intermediary services'

Nasscom on Saturday said the GST Council's clarification on scope of intermediary services will ensure that BPM exports/R&D exports and IT services-related exports are no longer denied the export status by the enforcement authorities. On Friday, GST Council's recommendations included issuance of certain circulars to remove ambiguity and legal disputes on various issues. This included clarification on scope of "intermediary services" and clarification relating to interpretation of the term "merely establishment of distinct person" with reference to a section of the IGST Act 2017 for export of services. "Nasscom welcomes the decision of the GST Council to issue a circular to clarify the scope of intermediary services. We expect this to lay at rest a long pending issue for the BPM industry and ensure that BPM exports/R&D exports and IT services related exports will no longer be denied the export status by the enforcement authorities," Nasscom said in a statement. Nasscom also ...

Top headlines: Swiggy, Zomato to pay GST, Covid vax export curbs may ease

Business Standard brings you the top headlines on Saturday

Swiggy, Zomato to pay GST from Jan; expensive life-saving drugs exempted

GST Council decides against inclusion of petroleum